Career on Insurance

8/9/2019 Career on Insurance

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Presented To, Presented By,

Prof., Abhishek Parikh Unnatti lad ( 08 )

Dipika Oza (64)

Bhumi Patel (68)

Tanay Shah ( 84 )V.M.Patel Institute of Management

Ganpat University,

Kherva.


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Definition of Insurance

Insurance is a contractual agreement whereby one party called

insurer or the insurance company, undertakes to compensate

the other party called insured, for any loss or damage suffered

by the later, in consideration of payment of premium for a

certain period of time, is known as insurance.

In the liberalization era the Indian Insurance Industry has

witnessed exceptional growth with participation of both public

and private sectors players.

There are many public and private players both in the field of

life and non-life insurance business.


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Entry & Eligibility for insurance career

y To pursue a career in the insurance industry, one has to pass theentrance examination conducted by the Actuarial Society ofIndia, Mumbai.

y

Students who have passed 10 + 2 or equivalent exam areeligible.

y License is needed to work in this field which can be achievedthrough a training programme.

y Insurance Institute of India conducts Licentiate, Associate shipand Fellowship plus other training programmes for insuranceservices.


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Contd

y A person who wants to be an actuary has to pass an entrance

exam conducted by the Actuarial Society of India.

y However, recruitment to the Postal Life Insurance takes place

according to the recruitment rules of the postal department.

y To be an insurance surveyor, a person needs to hold a license.

y Private insurance firms take in management graduates to work

mainly in the areas of marketing and sales.


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Area of making carrier in Insurance Industry

There are a number of options to choose from for a career in

Insurance.

# Actuaries

# Underwriter

# Surveyor

# Investment

# Marketing & Distribution

# Third Party administrator

# Insurance investigation and fraud detection


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L

earning Grounds Following institutes offer specialized training and courses in

the areas of Insurance and Reinsurance:

# Insurance Institute of India# National Insurance Academy, Pune

# Actuarial Society of India


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Colleges In India


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Education InAbroad

y Imperial College London: Tanaka Business School

y Tilburg University

y Georgia State University Netherlands


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Career opportunities in Insurance Sector

The globalization of the Indian economy and opening up of theinsurance sector has opened new doors to private competitionand the new and improved insurance sector today promisesseveral new job opportunities.

With private players now in the field, there will be innovativeproducts, better packaging, improved customer service, and,most importantly, greater employment opportunities.

The Insurance sector not only provide protective shield to thelives and assets of the nation but generate thousands of jobsand career opportunities for India.


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Life insurance industry grows 49% New Delhi June 14, 2007

y life insurance industry - 49 % growth in new businesses,

y general insurance players - 16 % increase in April,

y Life Insurance Corporation, ICICI Prudential and SBI Life & 16 other players

y Countrys largest life insurer LIC saw new premiums grow 57 % to Rs 2,134

crore in April by selling 15,89,684 policies against Rs 1,355 crore last year. It had a

market share of71.56 % in April.

y life insurers - Bajaj Allianz, ING Vysya Life & Reliance Life saw a decline inpremium collections.


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y ICICI Prudential - premium income rising 84.5 % to Rs 271 crore - 9.08% market

share.

y Bajaj Allianz - 15 % in business - collected Rs 124 crore - 4.16 % market share.

y general insurance industry grew 16 % in April,

y New India - With 8 % growth in premium collection at Rs 651 crore, retained itsnumber one slot by cornering 20.72 % of market share.

y ICICI Lombard - new premium 36 % to Rs 448 crore - a market share of14.28 %

y ICICI Lombard - the second-largest non-life insurance player.

y Oriental Insurance premium collection at Rs 413 crore & a market of13.16 %.

y United India - 3 % growth in business at Rs 407 crore & 12.97 % of the market.


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Indian Insurance Industry: New Avenues for Growth 2012,

y The potential of the Indian insurance industry is huge. HOW???

y .. It has an annual growth rate of 15-20% &

y ..the largest number oflife insurance policies in force.

y Totalvalue of the Indian insurance market (2004-05) is at Rs. 450 billion (US$10

billion).

y Insurance & Banking Services contribution to the country's gross domestic

product (GDP) is 7%

y The funds available with the state-owned Life Insurance Corporation (LIC) for

investments are 8% of GDP.


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y A foreign partner can hold 26% equity in an insurance company, but there was aproposal to increase this limit to 49%.

y Foreign investments ofRs. 8.7 billion have poured into the Indian market & 21private companies have been granted licenses.


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Top 10 Players in Insurance sector

y Life Insurance corporation of India

y Bajaj Allianz General Insurance

y ICICI Prudential Life Insurance

y

ICICI Lombard General Insurancey Birla Sun life Insurance

y Tata AIG General Insurance

y New India Assurance Co.

y Iffco-Tokyo General Insurance

y Oriental Insurance Co.

y HDFC Standard Life Insurance


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Job Prospects in Insurance sector in Indiay Insurance is the new sunrise industry and a large number of openings

are generally available. A plain graduate in the area of marketing andsales an expect anything between 8000/- to 15000/- per month plusincentives to begin with.

y Highly qualified professionals in the area of actuarial science aremuch in demand and command a very lucrative career. Their startingsalary is the region of 50000/- and more per month and rises as moreand more experience is gained.

y There are plenty of jobs in the insurance sector today, in bothgovernment and private sectors. In fact, the estimated requirementfor trained professionals is expected to be more than 30,000 over thenext two to three years.

y Insurance is a very good career option for those who want to be partof the tremendous growth story being seen in the sector.


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Remuneration in Insurance Careery In government sector, the pay scale of the officers in the

insurance sector as given by the government of India is in the

range of Rs 3000-Rs 8000 for development officers and go up

to Rs 14,000-16,000 for zonal managers.

y

Along the basic pay given above, allowances amount is aboutmore than 200 percent of the basic pay.

y In private sector, starting salaries are in the range of Rs 6000 to

Rs 9000 per month, where management graduates can start

with Rs 15,000 to Rs 25,000 per month.

y Commissions are the most common form of compensation for

insurance agents and the amount depends on the type and

amount of insurance sold.

y Earnings of surveyors depend upon nature of work and

assignments.


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Career on Insurance

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